The danger of CostCo etc is probably overrated. Aldi has been here a while. Small stores not always in the best places.
Coming into Australia is a nightmare for foreign competition. Three different state legislation sets in Vic, NSW, Qld just to tackle 3 major states. affecting all your retail labour, transport, tax, supply chain labour.
Yes the real estate, presentation and customer service is a huge moat, and the strange setup of Australia makes it even wider. The seesawing Aussie dollar is going to make their planning and financial justification to overseas shareholders tricky also.
budget figures, page-11
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